Benefits at retirement

If you joined the Plan before 5 April 2006, the minimum age at which you can retire is 50. If you joined after that date, the earliest you can retire is 55, and the Government plans to continue to increase the minimum pension age to 57 by 2028. This means the minimum age you can take your benefits will be 10 years below State Pension Age.

When you retire, you'll have a number of options. Part of the value of your retirement account can be used to pay you a tax-free cash lump sum of up to 25% of the value of your retirement account.

The balance can be used to buy a pension (called an annuity) from an insurance company.

The amount of pension that you can buy will depend on:

• The value of your retirement account at the time - remember that if you retire earlier than, for example, 65 the value of your account may be smaller and may buy a smaller pension, as you will have contributed and earned investment returns for a shorter period, and it's likely that your pension will be paid for longer.
• The cost of buying a pension at the time.
• How much tax-free cash (if any) you decide to take.
• The type of pension you buy (for example, you can buy a pension that increases every year with inflation, or one that provides pensions for your dependants if you die).
• Your personal circumstances, such as your health.

You can also choose to take the remaining 75% of your account as cash, which will be subject to tax. This is known as an uncrystallised funds pension lump sum.

Finally, you can purchase a drawdown arrangement with your remaining funds, where your account remains invested after you retire. This will allow you to take an income from it, which could be varied or regular. Please note: the Plan does not offer the option of income drawdown, which means that the value of your pension savings will have to be transferred to a suitable provider who will provide both your tax-free cash and your drawdown policy.

You could also take a combination of these options.

If you can no longer work

If you are between ages 19 and 65 and you become unable to work because of incapacity, you may receive an immediate benefit from AkzoNobel's Long-Term Disability Scheme. This is provided separately from the Plan.

Please speak to your HR adviser for more information.

For more information on your options at retirement, you can contact Pension Wise. Pension Wise is a free and impartial service provided by the Government and is available to you if you’re 50 or over, to help you understand what your retirement choices are: www.pensionwise.gov.uk